Short Term Technical Analysis for Majors (09:00 GMT)

[WindsorBrokers]

EUR/USD

Returns to bear channel off 1.4536 after yesterday’s upside attempt through channel resistance stalled at 1.4429, just ahead of previous high of 01 Aug at 1.4452, with subsequent weakness returning to 1.4150 zone. However, near-term positive outlook keeps hopes of fresh push higher while yesterday’s higher platform at 1.4128 holds, with today’s high at 1.4281 and channel resistance at 1.4304 offering initial resistance. Loss of 1.4128 would confirm short-term bears and expose 1.4056, 05 Aug low and open way for fresh weakness towards key supports at 1.4024/13, channel floor / 18 July low.

Res: 1.4281, 1.4304, 1.4400, 1.4429
Sup: 1.4202, 1.4151, 1.4128, 1.4072




GBP/USD

Short-term price action remains entrenched within 1.6223/1.6475 range, as gains were capped at the latter level and consolidation remains supported at 1.6223, 02 Aug low. While holding above here, short-term positive tone remains intact for fresh attack at 1.6475, above which to open 1.6546, 31 May high, next. Only loss of 1.6223 support would soften short-term tone and allow for stronger correction and open 1.6209/1.6192, Fib 38.2% / 14 July high.

Res: 1.6392, 1.6429, 1.6475, 1.6500
Sup: 1.6266, 1.6244, 1.6228, 1.6223




USD/JPY

Has nearly fully retraced the recent post-intervention rally from 77.10 that returned to previous consolidation range above 80.00, with 80.23 high seen, before bears took over and sent the pair down to 77.00 zone. Record low at 76.28 now comes in focus, however, possible bounce on oversold near-term studies may precede fresh weakness. On the upside, 77.80/78.00 zone offers initial resistance, while regain of 79.00 would signal fresh strength and re-focus 80.00 barrier.

Res: 77.84, 78.00, 78.31, 79.07
Sup: 77.04, 76.77, 76.28, 76.00





USD/CHF

Continues to travel south after mild correction from recent record low at 0.7481, posted yesterday, stalled at 0.7591 and fresh leg lower breached 0.7481 and 0.7400 levels, to hit fresh historical low at 0.7361. Next round figure at 0.7300 comes in focus, while corrective bounce on oversold hourly studies may pause weakness for a while. Significant resistance lies at 0.7600/50 zone, while only above 0.7800 would provide near-term relief.

Res: 0.7400, 0.7481, 0.7525, 0.7591
Sup: 0.7361, 0.7350, 0.7300, 0.7250